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The graph above shows a line of best fit for data collected on the amount of student loans in relation to the number of years it takes to pay them back. What is the equation of the line of best fit? A. B. C.

Question

The graph above shows a line of best fit for data collected on the amount of student loans in relation to the number of years it takes to pay them back. What is the equation of the line of best fit? A. B. C.

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Solution

To determine the equation of the line of best fit from a graph, follow these steps:

  1. Identify two points on the line of best fit: Choose two points that lie exactly on the line. For example, let's say the points are (x₁, y₁) and (x₂, y₂).

  2. Calculate the slope (m): Use the formula for the slope of a line: m=y2y1x2x1 m = \frac{y₂ - y₁}{x₂ - x₁}

  3. Use the slope-intercept form of the equation of a line: The general form is: y=mx+b y = mx + b where m m is the slope and b b is the y-intercept.

  4. Find the y-intercept (b): Substitute one of the points (x₁, y₁) and the slope (m) into the equation y=mx+b y = mx + b and solve for b b .

  5. Write the final equation: Substitute the values of m m and b b into the slope-intercept form.

Let's apply these steps to the given graph:

  1. Identify two points: Suppose the points on the line of best fit are (2, 5000) and (5, 15000).

  2. Calculate the slope (m): m=15000500052=1000033333.33 m = \frac{15000 - 5000}{5 - 2} = \frac{10000}{3} \approx 3333.33

  3. Use the slope-intercept form: Start with y=mx+b y = mx + b .

  4. Find the y-intercept (b): Using the point (2, 5000), 5000=3333.332+b 5000 = 3333.33 \cdot 2 + b 5000=6666.66+b 5000 = 6666.66 + b b=50006666.66 b = 5000 - 6666.66 b1666.66 b \approx -1666.66

  5. Write the final equation: y3333.33x1666.66 y \approx 3333.33x - 1666.66

Therefore, the equation of the line of best fit is approximately: y=3333.33x1666.66 y = 3333.33x - 1666.66

Compare this with the given options (A, B, C) to select the correct one.

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